Welcome to the Opelousas General Health System 401(a) Money Purchase Plan features. Click below to view the features and highlights of your employer’s retirement plan.
The plan highlights are only a brief overview of the plan's features and are not a legally binding document. The information in this section does not modify the terms of the plan and in the event of a conflict, the terms of the plan control.
You must complete one hour of service during the plan year to be eligible.
Excluded employees include:
Employer contributions
Your employer contributions are based on an amount equal to a percentage of your annual compensation based on years of service:
Vesting schedule
| Years of Service | Percent Vested |
|---|---|
| Less than 5 years | 5% |
| 5 years but less than 10 | 7% |
| 10 years but less than 15 | 9% |
| 15 years but less than 20 | 11% |
| 20 or more years | 13% |
Vesting
Your ownership of the employer contributions to your account is based on your years of service as follows:
Vesting schedule
| Years of Service | Percent Vested |
|---|---|
| Less than 2 years | 0% |
| 2 years | 20% |
| 3 years | 40% |
| 4 years | 60% |
| 5 years | 80% |
| 6 or more years | 100% |
Participants are 100% vested in case of death, disability, normal or early retirement.
Rollovers
This plan will not accept rollovers from other plans.
Withdrawals
This plan was established to encourage long-term savings, so withdrawals prior to age 59½ may be subject to federal restrictions and a 10% federal early withdrawal penalty.
Generally, depending on your employer’s plan provisions, you may withdraw your vested account balance if you meet one of the following requirements:
In addition, the Internal Revenue Service (IRS) requires you to take Required Minimum Distribution (RMD) withdrawals from your retirement account(s) annually beginning the year you reach the RMD eligible age. RMD eligible age is:
In-service withdrawals
Employer contributions may not be withdrawn while still employed.
Participants who have previously contributed on an after-tax basis to this plan may request a distribution of after-tax contributions at any time.
Involuntary distributions
If your service is terminated, immediate distribution of your vested interest in the plan may be made without your consent, regardless of the amount.
Loans
Loans are not available in this plan.
Your employer directs investments on this plan.
To view or print a prospectus, access “Prospectuses and Other Important Materials.” The prospectus contains the investment objectives, risks, charges, expenses and other information about the respective investment companies that you should consider carefully before investing. Please read the prospectus carefully before investing or sending money. You can also request a copy by calling 1.800.428.2542.
RO 2767020 (3/2023)